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If it is a P0340 code this indicates that a problem was detected in the camshaft position sensor circuit. Since it says circuit, that means the problem could lie in any part of the circuit - the sensor itself, the wiring, or the PCM (Power Control Module). Don't just replace the CPS (camshaft position sensor) and think that will definitely fix it.

Timely post. I also have a 2001 X5, mine is the 3.0 (I6). I was driving along today and as I came to a stop at a red light, stalled out. I restarted and then the Check Engine Light came on. When I got home I pulled the code - P0340. Camshaft Position Sensor A.

I've read that P0340 is the code for the Intake sensor (not the exhaust). I have ordered one and hopefully that will do the trick.

If you fix the problem I hope you come back and inform the forum that the problem was fixed. Too many threads posted on similar problem and many people don't come back to inform the rest of the people if the info they received fixed their problem.